of costs model by Anderson and Janakiraman (2003), managers are able to better predict costs behavior when increases and decreases are occurred in sales. Using above model, this research examines behavior of cost of goods sold as well as general...

outliers, were analyzed. Among the managerial operating variables (capital expenditure, variations in revenue, cash flow from operating activities (CFO) and cash flow from financing activities (CFF), firm age, and cost of goods sold (CGS)), firm age and CGS...